BGB faces resistance despite recent surge, signalling potential price correction.
Technical indicators highlight selling pressure and bearish market momentum.
Bitget Token (BGB) is currently trading at $6.44, experiencing a 6% rise in the past 24 hours with a significant 68% surge in trading volume. Over the past month, BGB has surged 105%, drawing attention from market participants. However, the token remains 18% below its all-time high of $8.49, reached just 15 days ago.
Despite its impressive performance, technical indicators signal potential headwinds for the utility token of the Bitget exchange. BGB’s Balance of Power (BoP) indicator, which assesses market strength between buyers and sellers, stands at -0.12 on the 12-hour chart. This negative reading during an uptrend indicates growing selling pressure, suggesting the rally may be losing steam.
Meanwhile, Further confirming bearish sentiment is the Chaikin Money Flow (CMF) indicator, which measures the flow of capi
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